Featured Product

    ECB Revises Assessment Methodology for Payment Systems in EU

    June 15, 2018

    ECB published the revised assessment methodology for payment systems. The revised methodology covers the requirements introduced by the revised systemically important payment systems (SIPS) Regulation, which entered into force in December 2017 and additionally references the Eurosystem’s Cyber Resilience Oversight Expectations (CROE), which are based on the CPMI-IOSCO guidance on cyber resilience for financial market infrastructures (June 2016). The CROE contain expectations for SIPS and non-SIPS that have differing maturity levels applicable to different types of systems.

    The first part of the document contains questions for the assessment of payment systems (all categories) and the second part contains questions for the assessment of links between retail payment systems (RPSs). Overseers will use the questions in the left-hand column (which reflect the text and the requirements of the SIPS Regulation) if the payment system being assessed is classified as a SIPS and the relevant questions (based on CPMI-IOSCO methodology) from the right-hand column when assessing a payment system that is not a SIPS. The sequence of the assessment questions in the document follows the order of the articles of the SIPS Regulation. Competent authorities, which are the Eurosystem central banks with primary oversight responsibilities for one or more payment systems, are expected to regularly assess compliance of these systems with the requirements of the SIPS Regulation and/or the Principles for financial market infrastructures (PFMIs), whichever is applicable.

    The assessment methodology of Eurosystem for payment systems serves to promote full observance of the requirements laid down in the SIPS Regulation or PFMIs by helping assessors to identify non-compliance and/or issues of concern that should be addressed. The answers to the questions will serve as the key input for actual oversight assessment; the assessment should always use the requirements, either in the SIPS Regulation or the PFMIs, as a reference. The Eurosystem assessment methodology takes the CPMI-IOSCO assessment methodology as a basis  and complements it with questions from the previously used “Terms of Reference for the oversight assessment of euro systemically and prominently important payment systems against the Core Principles,” thereby establishing one single framework for SIPS and non-SIPS. The methodology also covers the “Oversight expectations for links between retail payment systems” (November 2012).

     

    Related Link: Revised Methodology (PDF)

    Keywords: Europe, EU, PMI, PFMI, SIPS Regulation, Assessment Methodology, Payment Systems, Fintech, CPMI-IOSCO, ECB

    Related Articles
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News
    News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4515